Generally, the drag adjustment mechanism for a fishing reel is located inside the housing of the reel, often making it difficult to service it, or to replace its components as required. In addition, the limited space within the reel housing places restrictions on the sizes to which some drag components can be made, thereby limiting the performance characteristics, including smoothness of operation and dissipation of heat of friction, of the mechanism. In addition, with the drag adjustment mechanism located inside the reel housing, conversion of some reels from right-hand to left-hand operation is not feasible. Further, in design and manufacture of the reel, it is often difficult to make connecting linkages from the exterior of the reel as needed to manipulate the drag components located on the interior.